,,ii #aagth ,,congress #ast ,session ,s4 #agei ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #bj1 #bjba,mr4 ,hickenlooper 7for himself and ,mr4 ,risch7 introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to establish a ,micro,cap small business investment company designation1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,micro,cap ,small ,business ,investing ,act of #bjba4 #b4 ,micro,cap small business investment company designation 7a7 ,in general ,title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq47 is amended-- 7#a7 in section #cja7;c7 7#ae ,u4,s4,c4 #fha7;c771 by adding at the end the following3 7#e7 ,micro,cap small business investment company license 7,a7 ,in general ,notwithstanding any other provision of law1 the ,administrator may approve an application and issue not more than #aj licenses annually under this subsection with respect to any applicant-- 7i7 that would otherwise be issued a license under this subsection1 except that the management of the applicant does not satisfy the qualification requirements under paragraph 7#c77;,a77ii7 to the extent that such requirements relate to investment experience and track record1 including any such requirements further set forth in section #ajg4cje of title #ac1 ,code of ,federal ,regulations1 or any successor regulation2 7ii7 for which the fund managers have-- 7,i7 a documented record of successful business experience2 7,,ii7 a record of business management success2 or 7,,iii7 knowledge in the particular industry or business in which the investment strategy is being pursued2 and 7iii7 that1 in addition to any other requirement applicable to the applicant under this title or the rules issued to carry out this title 7including section #aba4cja7;c77#b7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation71 will make not less than #be percent of its investments in-- 7,i7 low-income communities1 as that term is defined in section #de;,d7e7 of the ,internal ,revenue ,code of #aihf2 7,,ii7 a community that has been designated as a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 7,,iii7 businesses primarily engaged in research and development2 7,,iv7 manufacturers2 7,v7 businesses primarily owned or controlled by individuals in underserved communities before receiving capital from the applicant2 and 7,,vi7 rural areas1 as that term is defined by the ,bureau of the ,census4 7,b7 ,priority2 streamlined process ,with respect to an application for a license pursuant to this paragraph1 the ,administrator shall-- 7i7 give priority to an applicant for such a license that is located in an underlicensed ,state2 and 7ii7 establish a streamlined process for applicants submitting such an application4 7,c7 ,timing for issuance of license ,notwithstanding paragraph 7#b71 with respect to an application for a license submitted to the ,administrator pursuant to this paragraph1 the ,administrator shall-- 7i7 not later than #fj days after the date on which the application is submitted to the ,administrator1 process and provide complete feedback with respect to any pre-license application requirements applicable to the applicant2 7ii7 not restrict the submission of any application materials2 and 7iii7 not later than #ij days after the date on which the application is submitted to the ,administrator-- 7,i7 approve the application and issue a license for such operation to the applicant1 if the requirements for the license are satisfied2 or 7,,ii7 based upon facts in the record-- 7aa7 disapprove the application2 and 7bb7 provide the applicant with-- 7,,aa7 a clear1 written explanation of the reason for the disapproval2 and 7,,bb7 a chance to remedy any issues with the application and immediately reapply1 with technical assistance provided as needed and a new determination made by the ,administrator not later than #cj days after the date on which the applicant re-submits the application4 7,d7 ,leverage ,a company licensed pursuant to this paragraph shall-- 7i7 not be eligible to receive leverage in an amount that is more than #be1jjj1jjj2 and 7ii7 access leverage in an amount that is not more than #ajj percent of the private capital of the applicant4 7,e7 ,investment committee 7i7 ,in general ,each company licensed pursuant to this paragraph shall have not fewer than #b independent members on the investment committee of the company in a manner that complies with the following requirements3 7,i7 ,the independent members of the investment committee are or have been licensed managers of small business investment companies within the preceding #aj-year period4 7,,ii7 ,no small business investment company described in subclause 7,i7 may adversely affected by the relationship of the independent members of the investment committee with the company licensed pursuant to this paragraph4 7,,iii7 ,the independent members of the investment committee are required to approve each investment made by the company4 7,,iv7 ,the independent members of the investment committee shall not be paid a management fee1 but may receive paid expenses and a portion of any carried interest4 7ii7 ,leverage limits ,any leverage associated with a company licensed pursuant to this paragraph shall not be counted toward the leverage limits of the independent members of the investment committee of the company under this title4 2 and 7#b7 in section #cjc7;d7 7#ae ,u4,s4,c4 #fhc7;d771 by inserting 7or1 with respect to a company licensed under section #cja7;c77#e71 #ej percent7 after #be percent4 7b7 ,,sba requirements 7#a7 ,definitions ,in this subsection-- 7,a7 the term ,administrator means the ,administrator of the ,small ,business ,administration2 and 7,b7 the term covered company means an entity that is licensed to operate as a small business investment company pursuant to paragraph 7#e7 of section #cja7;c7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha7;c771 as added by subsection 7a74 7#b7 ,rules ,not later than #ij days after the date of enactment of this ,act1 the ,administrator shall issue rules to carry out this section and the amendments made by this section4 7#c7 ,annual report ,not later than #a year after the date of enactment of this ,act1 and annually thereafter1 the ,administrator shall publicly publish a report that details1 for the year covered by the report-- 7,a7 the number of covered companies licensed by the ,administrator2 7,b7 the industries in which covered companies have invested2 7,c7 the geographic locations of covered companies2 and 7,d7 the aggregate performance of covered companies4